Iran Unveils Gold-Backed Cryptocurrency

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An Iranian gold-backed digital currency created on blockchain platform was unveiled by Kuknos Company in a ceremony attended by CEOs of banks and judiciary officials.

The cryptocurrency is the outcome of collaboration between Kuknos Company and four banks, namely, Bank Mellat, Bank Melli Iran, Bank Pasargad, and Parsian Bank, which host the services. The over-the-counter exchange Iran Fara Bourse is also set to join in hosting the new currency.

Valiollah Fatemi, director of Kuknos said the currency dubbed PayMon (covenant in Persian), will be used to issue the initial token based on gold and the company seeks to tokenize assets and excess properties of banks.